Foster City-headquartered payments fintech company Tipalti has raised another $150 million from investors and added three professionals to its executive roster.
Tipalti emailed Digital Music News today with word of the multimillion-dollar raise (which arrives about 17 months after the close of a $270 Million Series F) and the trio of C-suite hires. On the former front, the payment-automation and accounts-payable platform disclosed that JPMorgan Chase and Palo Alto’s Hercules Capital (NYSE: HTGC) had put up the $150 million worth of “incremental growth financing” at hand – elevating Tipalti’s total funding past the $700 million mark.
Now boasting “more than 3,000 mid-market customers” in nearly every country, according to higher-ups, Tipalti intends to use the just-secured capital to “invest in product innovation” and support existing clients. Among the latter are Roblox, Twitter, Amazon’s Twitch, and Create Music Group; the B2B software developer is likewise working to help the music industry put its notorious payments problem in the rearview.
Speaking of the newly obtained funding, Tipalti CFO Sarah Spoja touched upon the capital’s role in enabling her company (which previously identified a 50 percent transactions hike for 2022, boosting overall payments past $43 billion) to optimize its offerings.
“Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations,” said the Azibo board member Spoja. “It’s a privilege to work with world-renowned leaders like J.P. Morgan and Hercules Capital whose support of Tipalti enables us to accelerate the evolution of our innovative solutions so we can continue to deliver exceptional value to our customers around the globe.”
And in remarks of her own, Hercules Capital senior managing director Catherine Jhung relayed: “Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and companies and Tipalti not only fits this mold, it breaks it. From the top tier payables automation platform to the pioneering expertise of its executive team, Tipalti is operating from a position of strength and we are pleased to be partnering with the company to support continued growth.”
Shifting to Thematic-partnered Tipalti’s initially mentioned executive hires, the 13-year-old business (which says that its name “comes from the Hebrew word ‘טיפלתי’, meaning ‘I handled it’”) Perla Stoeckert has returned as chief compliance officer.
The more than four-year Tipalti veteran Stoeckert formally rejoined the team in March, having exited towards 2022’s conclusion. Meanwhile, former Mogo chief legal officer Alice Davidson has signed on as Tipalti’s general counsel, whereas former Apple and Oracle higher-up Des Cahill has joined as chief marketing officer.